THE SHAREHOLDING CONCENTRATION AND THE DIVIDEND POLICY OF COMPANIES LISTED ON BOVESPA: AN EXPLORATORY APPROACH IN THE LIGHT OF AGENCY THEORY
DOI:
https://doi.org/10.11606/rco.v1i1.34694Keywords:
shareholding, dividend policy, Bovespa, Brazilian market, Agency TheoryAbstract
From the perspective of Agency Theory, this paper seeks to verify if the shareholder composition of the Brazilian companies which have shares negotiated on Bovespa, are related to the dividend policy adopted by these companies. This work was developed from a bibliographic review and, based on an exploratory empirical research, there had been made analytical investigations. The results, obtained by statistic tests, suggest the non rejection of the hypothesis (H0) developed in this work. It was verified that growth of shareholding concentration causes an increase on the dividends paid per share (ON). However, there is an expectation that an increase on shareholding concentration provokes a significant reduction on payout percentage. Hence, it follows that there is evidence that Brazilian companies' shareholding composition can, in part, explain the dividend policy adopted by the studied companies. It is important to emphasize that other factors may influence the empirical results as, for instance, Brazilian regulation about dividends and interest policy about own capital, which had not been considered as variables in this study.Downloads
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